Melco Resorts & Entertainment Limited reported an 11% year-over-year rise in total operating revenues for the third quarter driven largely by continued improvement across its Macau properties.
The company’s total operating revenues reached USD1.31 billion, up from USD1.18 billion in the same period last year. Operating income rose to USD184.5 million, while Adjusted Property EBITDA increased to USD380.4 million from USD322.6 million a year earlier.
Chairman and CEO Lawrence Ho said the group’s Macau portfolio delivered “solid growth” during the quarter, with property EBITDA improving by 21% year-over-year. He noted that margins remained stable, underscoring strong fundamentals and cost discipline.
“We introduced new gaming areas and facilities during the quarter, providing our patrons with a differentiated experience, and will continue to introduce new initiatives that will elevate the quality of engagement with our customers,” he added.
City of Dreams leads gains
At City of Dreams, Melco’s flagship integrated resort in Cotai, operating revenues grew to USD672.6 million from USD563.9 million a year earlier. Adjusted EBITDA rose to USD206.9 million, supported by stronger performance across gaming and non-gaming segments.
Rolling chip volume reached USD5.58 billion, up from USD3.30 billion, while mass market table drop increased 19% year-over-year to USD1.66 billion. Non-gaming revenues also improved to USD94.8 million, compared with USD78.7 million last year, reflecting an ongoing recovery in hospitality, retail, and entertainment.
Studio City maintains stable momentum
At Studio City, total operating revenues edged up to USD375.3 million, while adjusted EBITDA grew to USD104.7 million, an increase of 13% over the same quarter last year. The property benefited from stronger mass-market performance following its strategic repositioning toward premium mass and family-friendly offerings.
Mass market table games drop reached USD942.5 million, up from USD912.9 million a year earlier, with a higher hold percentage of 33.1%. Non-gaming revenues totaled USD85.9 million, reflecting stable contributions from entertainment and leisure amenities.
Satellite casinos
The company closed Grand Dragon Casino and one Mocha Club site in September as part of its compliance with local regulatory requirements.
According to Melco’s statement, following these closures, 15 gaming tables were reallocated to City of Dreams, and 90 gaming machines were reallocated to Studio City.
“Another two of the remaining five Mocha Clubs will progressively cease operations before the end of 2025, with their electronic gaming machines being reallocated to the company’s other gaming areas in Macau,” the gaming operator said.
Following these adjustments, Melco now operates three remaining Mocha Clubs, two of which are expected to wind down by the end of the year. The Mocha Clubs generated USD28.6 million in revenues, with Adjusted EBITDA of USD5.8 million.
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